RE:Windfire Capital further extends DMiner LOI to June 30I am sure that must people have figured it out by now but this transaction will never close.
There is near zero chance that DP is able to raise $5M for an unproven offshore oil and gas play. For $5M, you are able to secure signicant producing or near producing assets onshore. Mark Monaghan and others who were critical in raising money for DP are no longer working with him and unless DP puts up the money himself, it won't happened.
Great assets are for sale for a royalty consisting of a few percentages (provided that the acquirer is able to show that they have the funding to bring it into production). Why would anyone give this team $5M? UNX repeat is highly unlikely. UNX had nothing in the ground and DP won't be able to pull that one off twice.
Offshore plays are for majors, not micro players or medium producers for that matter. Also, what kind of oil and gas experience does the team have? Even the funds were raised, it would take months to go through TSX-V and shareholders approval. The earliest that this company could be back up trading would be in August.
Time to terminate this agreement and look for something else.